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Slowdown temporary, reforms to undo trend: Mukesh Ambani

01
Nov '19
Pic: Shutterstock
Pic: Shutterstock
India’s economic slowdown is temporary and the recent measures taken by the government will help reverse the trend in the next few quarters, Indian businessman Mukesh Ambani recently told Saudi Arabia's Future Investment Initiative (FII) conference. Both India and Saudi Arabia have the factors—technology, young demography and leadership—to drive growth, he said.

"Above all, there is a leadership accelerator. Both the countries are blessed with leadership that is unique in the whole world, at least in today's time," Indian media reports quoted the chairman and managing director of Reliance Industries Ltd as saying.

Ambani had in August announced that Saudi Aramco has agreed to take a 20 per cent stake in Reliance Industries' refining and petrochemicals business. As part of the deal, Aramco will provide Reliance's refinery business with about 500,000 barrels of oil a day, double the size Reliance currently buys from the country now.

Fibre2Fashion News Desk (DS)


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